New access to cash rules come into force this week - here's what is changing

New rules to protect access to cash for consumers and small businesses will come into force on Wednesday. The Financial Conduct Authority authority announced in June it had been handed fresh powers by the Government to ensure reasonable access to cash withdrawal and deposits. Under the new rules, banks and building societies will have to weigh up whether local communities lack access to cash services, like branches and ATMs, and provide additional services where they find 'significant gaps'.

A significant gap includes small towns in a remote areas where the last bank branch shut and there is a long distance to travel to the next town to visit a branch. Banks and building societies will have to assess local gaps in access to cash From Wednesday, banks and building societies will have to assess cash access and understand if additional services to provide access to cash are needed when changes are being made to local services such as a bank branch closing. Banks and building societies will be required to respond to local residents, community organisations and representative groups, who will be able to request an assessment of whether there are gaps in local cash access.



Where significant...

Helen Kirrane.